Silicon Valley Bank

Anum Qaisar Excerpts

Monday 13th March 2023 Commons Chamber

[Andrew Griffith]

My right hon. Friend is quite right to talk about risk and capital systems’ proficiency at recycling capital to productive uses. That is also an enormous focus of this Government and is why our No. 1 priority was to seek to make a private sector transfer of the bank if we could, to protect the taxpayer while also protecting customers and the solvency of the financial system. I am glad that we were able to achieve this outcome. We will continue to do so by having fit-for-purpose regulations in this space.

[Ms Anum Qaisar (Airdrie and Shotts) (SNP)]

Does the Minister agree that the collapse of Silicon Valley Bank highlights the dangers associated with deregulation in the banking sector—something that the UK Government have continually touted as one of the benefits of Brexit?

[Andrew Griffith]

I do not accept that for one minute. We are only just bringing forward the deregulation. The Financial Services and Markets Bill is not even on the statute book. The regulations that affected this situation are precisely the same regulations that we have inherited from Brussels.